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Saudi Arabia Report
Marcopolis presents the Saudi Arabia Report focused on the investments, doing business, economy and other topics featuring interviews with key executives. The sectors under review in this issue are industry, real-estate, ICT, investments, banking sector, telecom sector and many more.
VideosMarch 04, 2024
Saudi Real Estate and Construction: An Overview of Riyadh’s Urban Transformation
- Written by Sandra Francisco
- Published: March 04, 2024
Elias Abou Samra, CEO of RAFAL Real Estate Development Co., gives an overview of Riyadh’s urban transformation over the last few years.
"Over the past two years, significant changes have unfolded in Riyadh’s real estate landscape, particularly marked by a shift in product offerings and the emergence of mixed-use developments. With the completion and operation of the Riyadh metro, developers are increasingly prioritizing transit-oriented projects, evidenced by a surge in construction activity around metro stations in the last six months. Collaborative efforts between regulators and private developers aim to densify the city, potentially alleviating traffic congestion. Additionally, mega projects announced several years ago have progressed significantly, with infrastructure and anchor projects such as King Salman Park and the Royal Arts Complex nearing completion. These developments, including the new airport, are reshaping Riyadh’s urban fabric and fostering a transition from a traditional local lifestyle to an international standard of living. As evidenced by the Royal Commission for Riyadh City's Headquarters Program, which has attracted over 400 subscribing companies, there is a growing demand for high-quality amenities and infrastructure to accommodate the influx of employees and residents associated with these enterprises", says Elias Abou Samra.
ABOUT RAFAL: RAFAL Real Estate Development Co. is a Riyadh-based real estate developer established in 2007. The Company has delivered several landmark projects marking the skyline of Riyadh including the renowned Burj RAFAL, and a number of award-winning hotels, gated communities and mixed-use developments. The Gross Development Value of delivered projects by RAFAL in Riyadh exceeds SAR 12 billion today, including more than 3,500 homes, 2 million SQM of developed land, and other commercial mixed-use spaces.
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